What Is An Nft?

opensea-review

OpenSea has become one of the most popular markets for NFTs. It’s also the first to release such a platform over the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.

It’s becoming more popular because celebrities and other famous people have expressed their interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the top NFT marketplace. But is it suitable for you?

Before you start our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at a video instead, check out the review of this channel. They will guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.

If you like to read, let’s look over what it is before we look into its fees and the benefits it offers.

opensea-logo

Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? What Is An Nft?

OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, and trade them with other users.

The available NFTs are not restricted to art, music game items, domain names.

It was created in 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. One of the best things about these is that they permit users to list NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea function?

If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar to that.

For OpenSea, all of the assets listed in the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without risking losing their NFT ownership.

If the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.

If you’re a buyer you can use their browser to find NFTs you’d prefer to purchase. They also have filters available to make your search easier.

What Is An Nft?

> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs are available from OpenSea?

There are about 200 types of NFTs you can purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer review of each.

Music

Music may be one of the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes of beats, remixes or whatever the artist is offering. Some even buy background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, and even the older technologies.

For NFTs, it is possible to collect avatars, digital pets or any other characters that could be sold or collected. The rarer they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT prior to when NFT became a reality. As of today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.

Trading Cards

You can also collect digital trading cards such as the ones from Sorare and BCCG.

Sports

Sports-related digital items are also available, for example, animated team logos.

Virtual Worlds

VR space and other elements can be purchased. You can buy these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance could be Axie Infinity.

Utility

As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down by any person. These types are also censorship-resistant.

bitcoin-coin

> > Click Here to Explore OpenSea’s Marketplace < <

What are the options for selling?

Selling your products on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.

For first-time sellers you will be subject to a one-time gas fee.

At present, you can select among five selling options. The choices are:

Fixed Price

The seller is the one to charge the price of the NFT. Like the name suggests the price never changes.

Dutch Auction

For the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers typically set up very high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Additionally, the buyer can present an offer. The NFT can be sold once they agree on a price.

English Auction

The seller puts up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.

OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. They can be sold through the marketplace.

Bundles

If you want to sell several NFTs within one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.

crypto-trading

> > Click Here to Explore OpenSea’s Marketplace < <

Are there any fees?

It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.

With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent cost competitive.

However, you have to be aware that certain NFTs have higher transaction fees as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5%.

Furthermore, transactions to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible once your NFT bid has been accepted. The costs for the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.

It is also important to be aware that certain NFTs earn extra commissions. For example, game developers are paid 15 percent or more as commissions for items they’ve sold.

What are the payment options?

OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit and debit card to make payments for or deposit. What Is An Nft?

The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they are able to support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s take a look at the benefits and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. What Is An Nft?

They also provide a variety of digital currency, which makes it one of the biggest NFT marketplaces. The low platform costs are also a great opportunity to earn more income.

Cons

While it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.

You will also need to establish a cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also increasing over time. It’s extremely creative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a wide range of NFTs. More categories can be involved when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its users to transact without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces can charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace, both for NFT traders and professionals.

crypto-coins

> > Click Here to Explore OpenSea’s Marketplace < <

FAQ What Is An Nft?

What are the requirements I must meet before I can make use of OpenSea?

OpenSea offers a mobile and desktop browser you can use. In the event that you’re trying it on your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be fully charged to get started.

Does OpenSea has a support team?

Yes they have a customer support team you can contact through its contact forms. Go to their official website and search at “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, which means they constantly change from time to time.

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to start.

Does OpenSea has a support team?

Yes, they have a support team you can reach through their contact form. Go to the official site and look for “Submit a request.”

Are you able to mint at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s simple and free of gas but you could also go through their tutorials.

What are the costs for gas?

The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, which means they change every now and then.

bitcoin-coins

> > Click Here to Explore OpenSea’s Marketplace < <

What Is An Nft

opensea-review

OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.

It’s becoming more popular because celebrities and famous personalities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re planning to invest through NFTs, then starting from a good marketplace can help you get the leverage you require. This is why we wrote this review. OpenSea has always been the top NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is quite lengthy. If you’d prefer to watch a video instead, check out this channel’s review. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.

For those who prefer to read, let’s look over what it is before we examine its costs and what it can offer.

opensea-logo

Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? What Is An Nft

OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.

The NFTs available are not restricted to art, music games, or game products, as well as domain names.

It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces which is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.

How does OpenSea operate?

If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.

For OpenSea All of the assets that are listed on the marketplace are held by users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without putting at risk their NFT ownership.

That means unless the transaction is successful, your digital assets will never leave your account. In addition, you don’t have to open an account. All you require is to have a web3-enabled wallet.

In the event that you’re buying you can utilize their website to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.

What Is An Nft

> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs are available from OpenSea?

There are about 200 types of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.

Music

Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even old technology.

In the case of NFTs, you can collect avatars, digital pets, or other characters that can be traded or taken home. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT became a reality. Today, you can also do the same with digital art. It’s not limited to illustrations and digital paintings. You can also collect gifs or images, as well as small video clip clips.

Trading Cards

It is also possible to collect digital trading cards such as the ones from Sorare or BCCG.

Sports

Digital items related to sports can also be collected, such as animated logos of teams.

Virtual Worlds

VR space and other elements are now available for purchase. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters, or even virtual worlds. A popular instance is Axie Infinity.

Utility

As bizarre as it may sound it is possible to purchase NFTs with specific features. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by any person. These types are also censorship-resistant.

bitcoin-coin

> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling on OpenSea is easy. All you have to do is post them on the marketplace. It’s all you have to do is ensure that your account is linked. After you’ve entered your bid and type of auction then you’re all set.

If you are a first-time seller who are first-time sellers, you will be subject to a one-time gas fee.

You can currently select from five options for selling. They are:

Fixed Price

The seller will be the one to charge the price that is the NFT. Like the name suggests, it never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers usually set very high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to that of the Dutch Auction, where the price drops over time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.

OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. They can be sold through the marketplace.

Bundles

If you’re looking to sell multiple NFTs within one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available within the package.

crypto-trading

> > Click Here to Explore OpenSea’s Marketplace < <

Are there any fees?

It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries make money by getting a share of the paintings sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee affordable.

However, you must understand that some NFTs charge higher transaction costs compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token once your NFT bid has been accepted. The costs for the process will depend on the market, but you can expect it to be about $100 per NFT.

Also, you should know that some NFTs charge additional commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay or make a deposit. What Is An Nft

The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s examine the advantages and disadvantages of using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. What Is An Nft

They also offer a range of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform fees are also an excellent method to make more money.

Cons

Although it’s open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support payments with currencies like USD or Euros.

Additionally, you will need to set up your own cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.

OpenSea’s ecosystem allows its users to transact without having to worry about security and privacy. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores could charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace, both for NFT traders and professionals.

crypto-coins

> > Click Here to Explore OpenSea’s Marketplace < <

FAQ What Is An Nft

What do I need to know so I can make use of OpenSea?

OpenSea has a mobile and desktop browser that you can use. If you’re using it on your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support team?

Yes, they have a support staff that you can contact through its contact forms. Visit their official website and look on the page for “Submit a request.”

Can you make money at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and then add the item to your collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.

What are the costs for gas?

These are transactions charges from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The prices are driven in accordance with the current market conditions, which means they fluctuate at regular intervals.

What do I need to know so I can use OpenSea?

OpenSea has a mobile and desktop browser that users can use. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.

Does OpenSea have a support team?

Yes they have a customer support team you can reach through the contact page. Go to their official website and look for “Submit a request.”

Are you able to earn money at OpenSea?

You can also mint at OpenSea. All you have make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are the gas prices?

The gas fees refer to transaction costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they change at regular intervals.

bitcoin-coins

> > Click Here to Explore OpenSea’s Marketplace < <

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